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SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

6 Months Ended

Jun. 30, 2023

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

4. SUPPLEMENTAL CONSOLIDATED FINANCIAL STATEMENT INFORMATION

Disaggregated Revenues

The Company has one line of business, acquiring and processing seismic data in North America. Our chief operating decision maker (President and Chief Executive Officer) makes operating decisions and assesses performance based on the Company as a whole. Accordingly, the Company is considered to be in a single reportable segment. The following table presents the Company’s operating revenues (unaudited and in thousands) disaggregated by geographic region:


	Three Months Ended June 30,				Six Months Ended June 30,
		2023	2022 (as adjusted)			2023	2022 (as adjusted)
Operating Revenues
United States	$	20,116	$	4,266	$	38,912	$	15,024
Canada		103		499		10,715		11,675
Total	$	20,219	$	4,765	$	49,627	$	26,699

Deferred Costs (in thousands)

Deferred costs were $5,433 and $972 at January 1, 2023 and 2022, respectively. The Company’s prepaid expenses and other current assets at June 30, 2023 and 2022 included deferred costs incurred to fulfill contracts with customers of $7,226 and $382, respectively.

Deferred costs at June 30, 2023 compared to January 1, 2023 increased primarily as a result of new projects for clients with significant deferred fulfillment costs at June 30, 2023. Deferred costs at June 30, 2022 compared to January 1, 2022 decreased primarily as a result of the completion of several projects during that six month period that had deferred fulfillment costs at January 1, 2022.

The amount of total deferred costs amortized for the six months ended June 30, 2023 and 2022 was $17,559 and $1,669, respectively. There were no material impairment losses incurred during these periods.

Deferred Revenue (in thousands)

Deferred revenue was $7,380 and $1,344 at January 1, 2023 and 2022, respectively. The Company’s deferred revenue at June 30, 2023 and 2022 was $9,099 and $1,472, respectively.

Deferred revenue at June 30, 2023 compared to January 1, 2023 increased primarily as a result of new projects for clients with large third party reimbursables where data had not yet been recorded. Deferred revenue at June 30, 2022 compared to January 1, 2022 remained fairly consistent.

Revenue recognized for the three and six months ended June 30, 2023 that was included in the contract liability balance at the beginning of 2023 was $3,846 and $0, respectively. Revenue recognized for the three and six months ended June 30, 2022 that was included in the contract liability balance at the beginning of 2022 was $0 and $936, respectively.